Key notes to keep in mind while starting new venture

Keynotes to keep in mind while starting a new venture

Starting New Venture or a business venture requires long-term technical, functional, financial and emotional commitment. We work with start-up founders and entrepreneurs every day, listen to the problems that they want to solve and see them passionately wanting to start their dream project.

While doing this, we have created a list of do’s and don’ts, a sort of knowledge base, for start-up. We are now able to understand why some of them succeed and why most fail. They often lack one thing or another that they could not address, resolve or manage which eventually forces them to shut down, many times even before they could gain traction.

Here are the few most important factors that a founder or entrepreneur should keep in mind before getting started A new venture-up journey.

Own your name

Make sure the company name you choose is one with an available trademark and Internet domain name. You can do a trademark search online through the United States Patent and Trademark Office’s website to see if a trademark is available. Failure to properly obtain a trademark could put your fledgling business at risk — not to mention that the time and money you have invested in establishing your business name could go to waste if someone else owns the trademark.

Financing

How will you fund this business of yours? How will you get paid, and do you know how to maximize your tax benefits? Finances and accounting can be one of the most tedious and intimidating aspects of running your business, but it doesn’t have to be. Knowledge is power so start reading up on how others have done it and research the tools that are available to help you!

Get organized

The key to starting a new business is to be organized. So many people are driven and have great ideas, but they fail to follow through with them due to their organization. Small business owners wear many hats. Without a plan to stay organized, you’ll find yourself being pulled in so many directions that you won’t get anything accomplished.

Don’t dive in without a plan

It’s critical to think through any initiative you wish to launch. When you’re in the midst of startup fever, it’s easy to get wrapped up with every new idea. However, be careful about losing focus. Moving forward is critical for any startup, and constantly switching directions can impede this forward progress. Learn to take a giant step back and think how it fits into your company’s overall goal and vision, then create a plan for how to make it happen.

Gather needed resources

If you’re planning to start a one-person business, you don’t necessarily need to worry about hiring anyone, It might be, you are going to need a few essentials to start operating. Create a list of everything you’ll need and its approximate cost, whether it’s an office space with a new desktop and printer or a warehouse to hold the products. Just make a proper list of everything you will need and its approximate cost also.

If you are purchasing something that will solely be used for business, then likely it’s tax deductible. Be sure to check with the IRS. An accountant or a tax attorney to be sure you are properly deducting expenses.

Create a maintenance list

When you finally have your business up and running, keep track of regular tasks that keep a business running. This may be doing payroll, keeping up with inventory management, updating the website and regularly blogging and using social media. Create a list of these regular tasks and schedule them on a project management dashboard or an online to-do list, which lets someone list a task’s due date as “every fourth Wednesday” and then it regularly appears on a daily task list.

Trust your guts, but verify with validation.

Many a time, since the product is our ‘baby’, founders continue to rely on their guts and end up being isolated. It is not enough to simply continue believing in your gut feeling. Gut feelings are no doubt of utmost importance before you want to start-up. But if you blindly rely on that, you might not like the end result in a few months down the line.

Your target audience must agree with your gut feeling. That is when you can say that you have validated your product. Finding the right product-market fit is tricky, and gaining traction is even trickier. You have got to validate your product ASAP.

Passion for what you do

Starting a new venture and owning your own business can be really tough, in many ways. But its also oh-so-rewarding. This is why you need passion by the bucketful to get through the good times and the bad. My advice; make sure your business idea is something you are really passionate about, deep in your bones. Because it just makes the good times even more worth it and the tough times bearable. When you love something like it’s your own baby. Not only are you super protective and willing to put in 100%, you need passion. Because with it, you don’t mind working that little bit harder, longer, giving it ALL you’ve got.

Always remember to enjoy your business venture. Enjoy what you do and take a moment every now and then to stop and celebrate what you have achieved. Celebrate milestones; little or momentous…they have all arisen because of your hard work and passion.

All these points will surely help in starting your new venture successfully.